REGULATORY REPORT: OCC SAYS AML REG RELIEF IN SIGHT, GLOBAL BENEFICIAL OWNERSHIP BATTLES, AND MORE

This article was originally published on the ACFCS Website.

Delaware’s top government official overseeing company formation in the state endorsed a bipartisan federal proposal to require companies to disclose their true owners at the time of formation in new a new letter to Congress.

The correspondence from the Delaware Secretary of State comes as the U.S. House of Representatives Committee on Financial Services risks derailing a bipartisan effort to counter illicit finance by dropping the key transparency proposal from a package of reforms that will be voted upon in committee this week.

Without the key beneficial ownership disclosure provisions, several portions of the remaining bill would weaken safeguards against terror finance and criminal money laundering, according to the Financial Accountability and Corporate Transparency (FACT) Coalition, a non-partisan alliance of more than 100 state, national, and international organizations promoting policies to combat the harmful impacts of corrupt financial practices, (via the Fact Coalition).

Continue reading: the full article can be found here.